Fintech Ellevest Secures $53M in Series B Funding Round

Ellevest, the financial company built by women for women, recently announced a $53 million Series B round.

The Fintech firm’s investment round was “co-led by BMO and Contour Venture Partners.” It included investments from several new women-led investors, “including Halogen Ventures, Cleo Capital, New York Ventures of Empire State Development, Stardust Equity, The Venture Collective, and Envestnet, as well as the LGBTQIA+ investment syndicate Gaingels.”

Returning institutional investors “include Melinda French Gates’ Pivotal Ventures, Astia Venture Fund, Khosla, Morningstar, AME Cloud Ventures, Salesforce Ventures, PayPal Ventures, and Allianz Life Insurance Company of North America, as well as individuals like Elaine Wynn.”

Ellevest is the first financial company “built by women to achieve this level of success, having grown to $1.44B total AUM as of 12/31/21.” Ellevest was also “named the #1 mission-driven investing offering by Bankrate.”

Ellevest will use the capital “to deepen its offerings, providing personalized coaching, product solutions, and community to help women reach their money goals and furthering Ellevest’s mission to get more money in the hands of women.”

Sallie Krawcheck, co-founder and CEO of Ellevest, stated:

“Ellevest was built by women, for women. It is also funded by women, with 360 women and underrepresented investors participating in this funding round. This group recognizes that women have been disproportionately losing financial ground, and that’s bad news for all of us. Ellevest has a key role to play in addressing this issue: to help women — and their families — rewrite their financial narratives and thrive.”

Sarah Kunst, managing director at Cleo Capital, noted:

“Wonderful things happen when women support women in business. That’s why we are proud to stand behind a company that is focused on giving women the tools they need to thrive financially.” 

Caroline Lewis, managing partner of Rogue Women’s Fund, added:

“There is a massive need for financial products that serve women. Ellevest truly lives by its values, creating space for women and diverse-led firms to be part of its growth story. It’s an honor to be one of those firms.”

BMO stands out among the large banks, “with a board of directors that includes 50% women in independent board positions and a leadership team that is 40% women.”

Shannon Kennedy, global president at BMO Family Office, remarked:

“Our investment in Ellevest is grounded in the same values that guide us at BMO. As a bank, we are committed to growing the good in business and life, supporting women entrepreneurs, and championing gender equality in the workplace and beyond. Investing in Ellevest, a company focused on equity and inclusion, has only furthered that mission, and we’re looking forward to supporting their journey.”

Moelis & Company LLC and Cooley LLP advised Ellevest.

As noted in a release, Ellevest is a financial company “built by women, for women, providing solutions for all stages of women’s financial lives to help them build wealth.”

Ellevest’s offerings “include digital investing tools, banking services, professional career and money coaching, and learning resources, as well as private wealth management for high net worth clients who want a personalized financial strategy that may include impact investing.”

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